Industry Updates

UniCredit and Axiom slash fee on CoCo bond ETF

Tom Eckett

a group of coins

UniCredit and Axiom Alternative Investments have reduced the fee on its CoCo bond ETF just over one year after launch in March 2019.

The UC Axiom Global CoCo Bonds UCITS ETF (CCNV) has seen its total expense ratio (TER) slashed by 26 basis points to 0.39%.

Laurent Dupeyron, managing director at UniCredit, commented: “CCNV offers a well-diversified exposure to the CoCo market.

“The issuer investment grade rating risk constraints in place make us confident that the ETF will remain resilient in this challenging market environment.”

CCNV is listed on the Deutsche Boerse and has gathered €65m assets since launch 15 months ago.

Tracking the Solactive Euro-hedged AXI Liquid Contingent Capital Global Market index, CCNV offers exposure to the €141bn Additional Tier 1 (AT1) and Restricted Tier 1 (RT1) bond markets.

Invesco offers Europe's largest ETF with exposure to the CoCo bond market, the $594m Invesco AT1 Capital Bond UCITS ETF (AT1), while WisdomTree also has a product, the $88m WisdomTree AT1 CoCo Bond UCITS ETF (CCBO). AT1 and CCBO charge 0.39% and 0.50%, respectively.

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